Chicago, July 15, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the Micro Injection Molded Plastic Market Size is estimated to be USD 995 million in 2021 and is expected to reach USD 1,692 million by 2026, at a CAGR of 11.2% during the forecast period. Factors such as increasing demand in the automotive sector and rising demand from medical applications are the driving factors. The growing adoption of electric vehicles is a major growth opportunity for the market players. However, its high cost of machine maintenance restricts the growth of the micro injection molded plastic market.
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Key market players profiled in Micro Injection Molded Plastic Market include:
- Accumold LLC (US),
- Isometric Micro Molding, Inc. (US),
- Makuta Micro Molding (US),
- Precimold Inc. (Canada),
- MTD Micro Molding (US),
- Microsystems Precision Medical Moulds (UK),
- Veejay Plastics Injection Molding Company (US),
- Knightsbridge Plastics Inc.(California),
- Polymermedics Ltd. (UK),
- Manner Solutions For Plastics (Germany),
- Microdyne Plastics, Inc. (US),
- SMC Ltd. (US),
- Mikrotech (US),
- Sovrin Plastics (UK),
- Stack Plastics (US),
- American Precision Product (US),
- D&M Plastics, LLC (US),
- Paragon Medical (US),
- Micro Molding Inc. (US),
- Spectrum Plastics Group, Inc. (US),
- Matrix Plastic Products (US),
- Yomura Technologies Inc (Taiwan), and
- Barnet Intelligent Materials (US) among others.
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The growth of the micro injection molded plastic market has been largely influenced by agreement and expansion that were undertaken between 2016 and 2020.
Accumold LLC was the largest player in the micro injection molded plastic market in 2020. Accumold LLC is world leader in micro injection molding market. It holds expertise for 30 years in this field. The company offers micro injection molding for medical, automotive, fiber optics, electronics and other application. Accumold LLC micro molding specializes in producing extraordinarily small plastic parts that require extreme precision. The micro molded parts manufactured are commonly measured in microns. The company also produces small-size parts with micro features, mold in and around existing components, and create components using intricate lead frames or inserts.
As a part of its business strategy, the company is focusing on expanding its global presence to strengthen its leadership in the market. It is also increasing its global foothold to achieve a strong customer base in emerging as well as developed markets.
Paragon Medical was the second-largest player in the micro injection molded plastic market in 2020. Paragon Medical is a medical manufacturer, helping accelerate new product development with medical device manufacturing and high-precision components for everything from implants and surgical instrumentation to single-use disposable devices and assemblies. It has global locations in US, China, Poland, Switzerland and Japan which offers complete custom device services which focuses entirely on healthcare markets
Microdyne Plastics, Inc. offers services for injection molding, blow molding, design engineering tooling and post-production. The company has also developed skills for micro-precision molding. The company offers to design the precise mold to produce injection molded products with demanding micro-tolerances. It holds capacity to manufacture over 1 million parts per day but we can also produce successful shorter runs of high value, high-end specialty medical devices.
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Driver: Rising demand from medical application
The medical sector is one of the fastest-growing consumers of micro injection molded plastic market. Micro molded products used in medical, diagnostics, and laboratory are manufactured using micro injection molding machines. Key products such as small catheter tips, microneedles, small surgical instruments, dental implants, and infection control devices have micro injection molded plastic components. The increase in the number of surgical procedures across the globe is a key factor for the rising demand for molded plastic application. According to the WHO 2016 Report, the estimated mean global surgical rate was 4,469 operations per 100,000 people per year, with road accidents and associated trauma being the major cause of surgical treatment.
Restraints: High initial and maintenance cost of machines
All-electric micro injection molding machine has production efficiency, short injection times due to dynamic servo-motors, greater repeatability, reduced noise, and best acceleration performance. Due to the high technology of all-electric machines, the investment costs are high. Another disadvantage is the high maintenance cost. In case of motor failure, the entire system must be changed, which entails significantly high maintenance costs.
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Opportunities: Rising trend of electric vehicles to increase demand for micro injection molded plastic
Electric vehicles are composed of various electronic parts such as all-electric auxiliary, electric traction motor, traction battery pack, electric transmission, power electronics controller, and DC converter, among others. These electronics parts are composed of various micro components. These micro components are essential for the manufacture of electric vehicles. These are very small and complex components that are manufactured using micro injection molding machine. As electric vehicle requires more micro injection molded products than ICE vehicle, the increasing demand for electric vehicles is expected to positively impact the growth of the micro injection molded plastic market.
Challenges: Requirement of skilled personnel for operation of micro injection molding machine
Production of micro injection molded products need skilled labor due to its complex operating system. The micro parts used in the medical industry need special attention and critical procedure as the application of these products is very complex. Expertise in plastics engineering, micro mold design, gate location and sizing, and runner and sprue geometry is necessary while operating micro injection molding machines.
“Medical was the largest application for micro injection molded plastic market in 2020”
Medical is the largest application for micro injection molded plastic. In the micro injection molding industry, medical micro molding is a highly specialized sector. As medical equipment gets more miniaturized, they rely on micro injection molded components to provide crucial patient care both within and outside the body.
Micro molds are utilized for various medical processes. Few of the medical molds include surgical devices, endoscopic devices, catheters, hearing aids, point of care testing devices, diabetes management devices, DNA research and sequencing devices, electronic components for medical devices, microfluidics, and pharmaceutical applications, including drug delivery devices, vials, caps, specimen cups, blood collection tubes, syringes, and IV parts. The shifting trend towards miniaturization and nanotechnology in the medical sector is fueling the demand for compatible micro-molds for every medical application.
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